Old National Bancorp (NASDAQ:ONB) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a research note released on Monday.

Separately, Barclays boosted their target price on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.44.

Old National Bancorp Stock Performance

Shares of ONB opened at $23.14 on Monday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The firm’s 50 day moving average is $19.72 and its 200-day moving average is $18.56. Old National Bancorp has a 12-month low of $14.32 and a 12-month high of $23.76. The stock has a market capitalization of $7.38 billion, a P/E ratio of 14.04 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. The firm had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period last year, the firm posted $0.51 earnings per share. Equities research analysts anticipate that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s payout ratio is 33.94%.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors have recently bought and sold shares of ONB. Dimensional Fund Advisors LP increased its holdings in shares of Old National Bancorp by 12.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after purchasing an additional 1,896,748 shares during the period. State Street Corp grew its position in Old National Bancorp by 0.3% during the third quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock valued at $275,941,000 after purchasing an additional 42,723 shares in the last quarter. American Century Companies Inc. grew its position in Old National Bancorp by 3.2% during the second quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock valued at $242,795,000 after purchasing an additional 441,887 shares in the last quarter. Geode Capital Management LLC increased its stake in Old National Bancorp by 6.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after buying an additional 514,315 shares during the period. Finally, Victory Capital Management Inc. lifted its position in Old National Bancorp by 147.3% in the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after buying an additional 4,303,071 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

About Old National Bancorp

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.